EFTA Document EFTA01390926

Glendower Capital SOF IV, LP. Endnotes (I) Glendower Capital Secondary 4 , ortunities Fun:ill/. LP. rs:JF re or the Ifunti..) being ferrne.:; .31+r:dower Capital LIP eGiergicieri, an app....imed repiefena ative of Mirabella AMbers LIP, which is authorised and regulated by the Unite: kingdoen finandalConcyciALtlysity U) Mature funds iiicludir ,or. SO(' anr, >OF It; °reran $OF Prette Iffelf.Cfr; sor, Stir F.),50f Ir an, SOF id Perforntanee figure.; hare been calculated based on the unaudited pertrxmars:e results of SOF. SOF D, SOF It a DC SO! PI as of September XI, 2017 and should he read art renewed in c:ajtaletIon with the ireird.ortara. trifoneation" arc 'Notes to inve,:tnient Performance infornaition- :actions of this iine.fanefil. QI,x,s mote are taos: of fern:, eapenses and carried interest. Net performance reflects teieanis net et expense:, tees ane (at r ien interest. Past pederMantat is not a Preeichon of the future pedurranee of ser, SOF D..OF It V 501 bl but r:, inducer, to evnor*-uatir Lite track newt:, c1 the Gleiw:fay..e: Team and the, can be re; that. SOF ri will a:hieve corr.paratile cetbes, ltj sor 0 b roCeriominatec ne Consrerneeat the ieptii:rotear ;XL 2017 ritialuSS rate et 1.1821, (4) Bath SOT tral SOF D are Mvestec in the Daiirry.i Pvtfolio —a well (Intranet: portfolio or 28 private en ut funds porcte:ed through an WV, providing enmsuie r, ,uy.ut, special situations. yentorr tamitai .enel estate yl steg..: el North Autka. Europe arxt Asia- Pet rgatiber Cl lute% and corm Imes is a best estIn'ate and shows the aggregate of earl, deal at dosing ane may induce some double counting. ($) Source: Cambridge Asst.clates Seconnars Penchtna:k st*ti:xles of September 30, 2-417 bate: on data corripl - from 140 tennar, funds with a minina;ni of 8 fens per year, inducing dotty linsitatet partnerehips, formed between 2004 and 414 Each SOF Fund is slKiwn benchinarked against their leSaet:tn‘e‘'IntalitPeer StooP. Thrs irde/rnakk.in &err. 3 cornP3reOn of .or,SOF D..,:or It and aur peainnararnor agaired rime ' ,.notel'. coy; cuaniles may Miler when compared to other herichmarkira sources $OF. 501 0, SOF It and SOF ill cat-4 b included in the data set used lo calculate the benchmark 43ta. (6) intonnation presented in this chart is based or; the ',new:A.:el result: of SOP, SOf 0, SOP II ant; SOF III as of September 30. n17 and should be read and reviewed in conjunaion wdh the "import itinfermation- and "Motel: toff:vestment Performance Intormien. sect ions et thisdocument (n Past Performance Is NE a fireeiCtIC•n et the future pert:crrance of 'Jr. SOT 0, 501 li or 501 la but is inclunste to demonstrate the pad, pse Glendower fear;. (a) Internal rates Of returns are net of fen eAperees and cameo interest.. Cambridge Asn.,clates research shows that mast. funds take at least Ni% years b) settle unt:: their final be:Wile ranking, ank prearmis to this settlir , they typically rant if; nether ricattiles, therefore fi:nd or tuatlenvok pef metrics from nwre recent vintage years may be le:: meaningful Median it; the mrodle fund IP.R of the group al Mt iisfilltAl lund Wks included in a vintage ;ex 0.ninirr.urn S rureis]. Upper; klwer eta:rite are the thresholds tor the upp#r (top ≥S%) are:, klover llcitorn Ski :art haset on the inclit4aual IRR: included 1n a vintage year and are see in conjunction with the mettar to determine reartile placement {minimum B fur.dsi (9) Distributions to Paie.in Capital iWPI s Resiatel Van e to Paid-In Capital: :bete Total rf ar.ri st to epic.," car,IrsIrjpE, nyp! and DPI are pooled return ifeillf831 18 all cash flows and ending. Wei:sin3 :ample to calculate a cicano•we.Eyded ripsen 10) Please read the confewrabl private placement rreerre:fan•um et the Fus 'Memorandum") Ice Ina rill cibckeure or ntk factries. conflicts of kilernit cornpkite terms. and regulatory and tax et/racier:Atom' of the Fund. For limber disclosure of fees, such as fees am expenses paid by the rune, please rater ro the Merneraneum, tran anetuna: and restated rennet partnership agreement and.i the teed of adherent at tne rurei itch doz.:merit: afe in the proem,: of beina prepared am: will Ild marg available to taccpeetive investors upon rett;b::t. (11.) myertei.. Capital 6 the amount of ....betel mvestced t. itweitnierits. and the retnaineig onfinsted obi:gat:um reasonably teserved t' Glen.kreter or seeth irwestmenta f 1'1 is of r.teptenste,r 30, 20%7. Thpre C3f:bn nc-ayynfance that tl- tstrategyssin succerztulki the future, or that losses will be 31:044?t, (1 t.curce.Gendewer's astestment basee cab portto8o management theory (141 As of Septeietw 30, 2017. Peri..c sirhe2IX),3inclueres time:mein by member:et lhecøesericr management leeirn at Deutsche Bank. Key Definitions ^Sinale Arver Dear meansan investment by the rorc (directly or indirectly) in a Nikkei) company eh:fly:tie Ube ei more ornate acuity luna sponsors (and anyfOliOsYfOn inVeillnYlIZS in any ;:uthmuestiner-I. but not inclueew Sec enemy) Zr, refs....0,1;w., de te;nni~ ie; the Manager as the vantext recur:es "Fund Secondary' means fa", an interest held tireetry or incirectly by the Fund in a generalist or specialist private ebuitv fun structure (inducing a ft nd tunes, teeder hit or other similar sbucture) rideirer in a rcan,ialorw transaction :•r (hl 3 portfolio et such yttererts at Lied 11 a single transaction, in each raze as reasonably cetermined by the Manager as the context rormres. provided that any interest referred to in clause fat shall be in a lure stri ett re that either has at:Investment pence that is expired (other than for (eaose->n investments) Cr as Brawn town c committee to Invest at least SOM et its acgrngate Corrine merits, ane prouFdec that any Netnose of interesLt relerree ta ism ecae.: (bi ;bait be structures tal if; the aggregate rare drawn down or fiernInitl.fit to invest id. kast yak of their aggre.?ate ceneriltrnerirs, provided further that the aggregate ,:ortehitriterit: of any fund structure that has an Investment stenot tr:::z G -tpiNi; fisher than ror følkl*.rg,;(:,•tastriwrq shall he cteins.d to erdial INC 3frieS:111 dt?..6V,‘ down in surt: hat stnAzta4; and ProMe<1. (uruer, [hata rt; Se«:ndaty shall rot alto be ceterrnIned to be an Early Stage inve5tretent. N5f)-Ied f.*:cretary- mean: a!) imesurent inteeest heal by lire Feria (directly or Mare:Let) nikake equity turf.: sirett ore part aa;i0 at direct pdvate acuity asset: through bespoke licutc ay solutions (arri any follmv-on invtnsents in any st ch investment interest. ilt t not inducing any Co-Ineest went) as reazona bly ,:Kerrnzred by the Manager at the ccenext eef;IfirS. ":10F" mean:: OB Sec.:*ridary i)ppert unit ies runn. A, I P.. DI) Secorwiery Oppertimbles rune B. t.P. ,Inc t•ft Secnocary Onportenitlez Ford C, Lp 'SOF Er means EiEtfertorreary OpixetcriitierFonr 0. I. P 7,011r cd-IS IIEteconcl>iryOppcetyniti+F. Fur< il. LP zor "par, :mS(5.41:141r,' OppOriffnilinif rund 111, lP 17,0P 'SOF Program.- or ltorecrilarYOracrtirtritres Ferret- means SOF, Siff O, SUF II are; SOF CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095596 CONFIDENTIAL SDNY_GM_00241780 EFTA01390926